On Friday, South Korean blockchain game developer Wemade Co. Ltd., declared the repurchase and burning of US$10 million worth of their native WEMIX crypto in an effort to stabilize its dropping value after four local cryptocurrency exchanges delisted the token on Thursday.
Until March 8, 2023, Wemade will be burning two of its tokens – WEMIX on its mainnet and WEMIX Classic on the Klaytn blockchain.
The company expressed its regret for the recent delisting of its WEMIX token from four of Korea’s largest crypto exchanges, Upbit, Bithumb, Coinone and Korbit, due to a misreported token circulation data.
Despite this, the company will still be offering its tokens at a time-weighted average price on global exchanges as well as its own decentralized finance (DeFi) platform, WEMIX.Fi.
The WEMIX Classic token experienced a 70% drop in price; however, Wemade’s announcement of a buyback pledge on Friday resulted in a 54% surge in the token price to US$0.3, according to CoinMarketCap.
Despite being banned from four exchanges prior to its blockchain upgrade in October, the token is still traded on 13 overseas exchanges, including Huobi and Gate.io, as reported by CoinMarketCap.
Furthermore, GDAC listed the company token on Thursday while OKX, a Seychelles-based crypto exchange, delisted WEMIX.